While the actual sprite and idea are great, the coloring of the shirt, pants, and shoes are very off. The pants should be inverted, switching where you have the two colors now. The shading on the shirt makes it look flat, and the color of the shirt is so hard to differentiate from the outline it looks as if it doesn't have one. The shoes have a similar problem, there's no varying shades so it looks flat. The shoes' outline is also all black and incomplete, which looks very sloppy. Hope this didn't sound mean, I was just trying to be descriptive on the errors.
Contact me if you need monotype help, I'll be more than happy to oblige.